11. PCAF, Guidance on financing the European building transition to net zero, September 2022. 12. French Senate – Rapport d’information, Les obligations assimilables du Trésor (OAT) vertes, 2021. According to the EU Green Deal, 35 million buildings in Europe will need to be renovated by 2030, representing €275 billion in investment each year11. To support the sustainable construction sector, public or private stakeholders are developing new financial products, accompanied by tax relief or subsidies, such as renovation premiums. It’s now becoming necessary to rely on green bonds used to support the financing of projects with environmental benefits, not only in Europe, but also in the US and China. According to the Climate Bonds Initiative12, the issuance of green bonds reached $523 billion in 2021 (up from $270 billion in 2020). In the United States, lending organization Fannie Mae has also launched a range of green products to support energy renovation, including preferential pricing and a free audit report on energy and water management. In Mexico, the mortgage agency Infonavit (Instituto del Fondo Nacional de la Vivienda para los Trabajadores) has, since 2011, required that all its loans be for ecological houses or housing improvement measures. So, yes, sustainable construction or undertaking ambitious energy renovations remains more expensive initially, but the environmental, social and economic benefits far exceed the upfront cost. Especially as the building sector operates over a long period of time, with residential buildings having an estimated lifespan of between 70 and 100 years. Not taking urban, energy and climate challenges into account today is simply delaying an inevitable deadline in the long-term. Engaging in sustainable construction means choosing a responsible and profitable investment. Ensuring access to the most advantageous financing 75 CONSTRUCTING A SUSTAINABLE FUTURE
RkJQdWJsaXNoZXIy OTA2Nw==